CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31st December 2022 2022 2021 Note HK$M HK$M Operating activities Cash generated from operations 43(a) 6,332 7,028 Interest paid (742) (768) Interest received 117 203 Tax paid (1,127) (1,635) 4,580 4,828 Dividends received from joint venture and associated companies and financial assets at fair value through other comprehensive income 176 217 Net cash from operating activities 4,756 5,045 Investing activities Purchase of property, plant and equipment 43(b) (133) (180) Additions of investment properties (7,096) (3,860) Purchase of intangible assets (58) (52) Proceeds from disposal of property, plant and equipment – 889 Proceeds from disposal of investment properties 609 2,869 Proceeds from disposal of subsidiary companies, net of cash disposed of 43(c) 1,060 212 Proceeds from disposal of financial assets at fair value through profit or loss – 973 Purchase of shares in joint venture companies (1,720) – Purchase of financial assets at fair value through profit or loss (20) (390) Equity to joint venture companies (1,123) (3,986) Loans to joint venture companies (108) (787) Repayment of loans by joint venture companies 917 613 Advances from joint venture companies – 479 Repayment of advances from joint venture companies (200) – Loans to associated companies (52) – Decrease in deposits maturing after three months – 30 Initial leasing costs incurred (75) (6) Net cash used in investing activities (7,999) (3,196) Net cash (outflow)/inflow before financing activities (3,243) 1,849 Financing activities Loans drawn and refinanced 7,237 1,400 Repayment of loans and bonds (9,009) (4,184) Principal elements of lease payments (66) (72) (1,838) (2,856) Capital contribution from a non-controlling interest 1,003 – Dividends paid to the Company’s shareholders 36 (5,616) (5,383) Dividends paid to non-controlling interests 38 (96) (132) Net cash used in financing activities (6,547) (8,371) Decrease in cash and cash equivalents (9,790) (6,522) Cash and cash equivalents at 1st January 14,833 21,202 Effect of exchange differences (541) 153 Cash and cash equivalents at 31st December 4,502 14,833 Represented by: Bank balances and short-term deposits maturing within three months 26 4,502 14,833 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. SWIRE PROPERTIES ANNUAL REPORT 2022 SWIRE PROPERTIES ANNUAL REPORT 2022 137